InMobi Pte has appointed four major investment banks for its initial public offering process. According to reports from Business Standard and Livemint, the company has named JPMorgan Chase & Co., Jefferies Financial Group Inc., Kotak Mahindra Capital Co. and Axis Capital Ltd. for the IPO process that is set to begin later this week. The SoftBank Group Corp.-backed firm is seeking to raise approximately $1 billion through the public offering.
As reported by Bloomberg News, InMobi is likely to seek a valuation of $4-6 billion in the share offering, which would place it in the mid-range of Indian publicly traded technology firms. The company is currently in the process of re-domiciling from Singapore to India for the public listing, though plans remain preliminary and subject to change. Spokespeople for InMobi, JPMorgan, and Jefferies declined to comment on the appointment, while Kotak and Axis didn't respond to requests for comment.
According to Business Standard and Livemint, public listings such as InMobi's would benefit the Indian IPO market, which has experienced a decline this year due to geopolitical turmoil affecting stock sales. About $5 billion has been raised through Indian IPOs this year, significantly behind the record-setting pace of previous years when proceeds topped $20 billion each. Despite the current challenges, high-profile companies including National Stock Exchange of India Ltd., Zepto Ltd., Jio Platforms Ltd., and Manipal Health Enterprises Ltd. remain in the pipeline for public offerings.
Founded in 2007, InMobi was one of India's earliest global consumer-tech bets and briefly positioned as a challenger to Alphabet Inc. and Meta Platforms Inc. in mobile advertising. SoftBank invested in the company in 2011, creating India's first unicorn. The company has since diversified into marketing, content and commerce technologies, and has been working to bolster profitability after years of slower growth. InMobi closed a $350 million pre-IPO funding round in December 2025, backed by Varde Partners and Elham Credit Partners. SoftBank recently sold a large portion of its stake in InMobi back to the company for about $250 million, while it still holds a small stake in the firm. Harvard-educated founder Naveen Tewari is InMobi's chief executive officer and the largest shareholder, with about 40% stake.
